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, Thailand

Transforming CIMB Thai's consumer banking arm into a key industry player

Tan Keat Jin shares the key achievements and what lies ahead for CIMB Thai Bank’s award-winning Consumer Banking business.

CIMB Thai Bank’s Senior Executive Vice President and Head of Consumer Banking Tan Keat Jin notes that the bank has become one of the retail market leaders—both on wealth and the retail credit.

On the wealth side, CIMB Thai stands out as the first issuer of the product structure and the most active in the secondary market bonds. Therefore, when clients think of wealth, CIMB Thai's name will be one of the names that pops up.

CIMB Thai has set a goal to become a leading Wealth Management business, with a diverse selection of wealth and investment products, coupled with a highly personalised client service for its CIMB Preferred segment—for clients with AUM of ฿3m and above. The bank has partnered with eight asset management companies to offer a broad range of mutual fund products via an open architecture platform. These efforts have been recognised with CIMB Thai clinching the Wealth Management Platform of the Year (Thailand) award from Asian Banking & Finance.

On the other hand, the bank is also making great progress on the credit side, from taking the customer-centric approach to designing the credit program that meets all client needs. CIMB Thai uses risk-based pricing strategy to give back low and reasonable interest back to clients. Making its presence known amongst the clients who are looking for a home loan or refinancing, CIMB Thai's name is also one of the names on the client's choices.

Moving forward, the bank aims to be the leader of consumer products. CIMB Thai has made a notable digital transformation by introducing both Digital Wealth and Digital Lending products and services into its clients’ journeys.

Furthermore, CIMB aims to strengthen its wealth proposition by leveraging digital channels to make it more convenient for clients to purchase funds via app. In addition, CIMB Thai clients will also be able to purchase insurance via the app by Q1 2021.

On the Digital Banking front, CIMB is one of five banks to exit the Bank of Thailand’s sandbox for conducting eKYC and likely to exit the NDID (National Digital ID) sandbox by end of 2020.

In addition, CIMB Thai has started enabling the loan application process via its mobile app, for both personal loans and auto loans. Through its collaboration with Chinese fintech 9F, clients can now apply for personal loans within a limit of ฿12k to ฿60k per person with lower interest rates than credit cards. Whilst the current process still requires a bank messenger to pick up physical documents, clients will be able to send applications directly via the app when CIMB exits the NDID sandbox, likely to be by end of 2020.

For auto loans, clients can now also apply via the CIMB Thai Auto app by selecting the car model, year, as well as the desired loan size.

“We have recently launched the Chill D Savings Account, our first truly digital product, with the goal of attracting new-to-bank clients. There are three key propositions that make Chill D special—First is zero fees, everything is free including Chill D debit cards with no annual or sign up fees, and free unlimited cash withdrawals at any banks’ ATM machines. Second, the Chill D Savings offers a maximum interest of up to 2% p.a., which is highest in the market. Third is convenience, with clients no longer having to go to a bank branch to open an account. Clients can also authenticate at any 7-Eleven nationwide with more than 12,500 locations. CIMB Thai has set its sights on 500,000 sign ups for the Chill D Savings accounts,” said Tan Keat Jin.

“CIMB has been relentlessly developing our apps, both on the Wealth and Lending side. This has resulted in total transactions growing by more than 2.5 times, the majority of which comes from the mobile app. This shows that clients who used to go to the branches are now more open to Digital Bank which is much more accessible and convenient,” he added.

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